Torchmark Q3 Profit Misses Estimate; Cuts FY14 Outlook

(RTTNews) - Torchmark Corp. (TMK) reported net income was $132.4 million or $1.00 per share, compared with $132.1 million or $0.95 per share for the year-ago quarter.

Net operating income for the quarter was $130.9 million or $0.99 per share, compared with $132.7 million or $.95 per share for the year-ago quarter.

Analysts polled by Thomson Reuters expected the company to earn $1.03 per share for the third quarter. Analysts' estimates typically exclude special items.

Torchmark now projects full year 2014 net operating income per share to be in a range of $4.00 to $4.04. The reduction from previous guidance of $4.05 to $4.15 per share is due mainly to the impact of higher than expected Part D claims on both underwriting margins and investment income.

The company also forecasts full year 2015 net operating income per share of $4.15 to $4.55.

Analysts currently expect the company to earn $4.10 per share for the full year 2014 and $4.48 per share for the full year 2015.